Mumbai, July 23 -- N.A.N. GreenMet, the critical minerals and advanced manufacturing platform founded by Navin Agarwal (Vice Chairman, Vedanta), has launched N.A.N. MagneTech to establish a Neodymium-Iron-Boron (NdFeB) magnet manufacturing facility at the Naidupeta Industrial Park in Andhra Pradesh.

The company has earmarked an investment of INR 12.5 billion in Phase I to build an initial capacity of 1,200 tonnes per annum, with a long-term target of 10,000 tonnes per annum.

It expects commercial production to begin in Q1 2028, generating annual revenues of INR 12 to INR 15 billion. The facility will integrate oxide processing, metal and alloy production, sintered magnet manufacturing and closed-loop recycling.

The project has secured ...